What is the retirement age in Australia?

When will you be ready to retire?

There are two important ages you need to consider when thinking about retirement – preservation age when you are eligible to start drawing on your super and Age Pension age when you are eligible to receive the Age Pension.

Age Pension age

This is the age you qualify to receive Government Age Pension benefits. The current Age Pension age is 66.5 but this could be higher based on your date of birth as shown in the table below. To be eligible to receive the Age Pension you must also meet the income and assets tests.

Preservation age

You can access your super when you reach age 65. If you are under age 65, you can also access your super if you reach preservation age and have retired from the workforce.

Your preservation age depends on the year you were born, see the table below.

With statistics showing us that Australians are living longer than ever, chances are you could spend a very long time in retirement.

How you make your savings last as long as you do, is a key question when considering retirement. And that is something our financial advisory team can help you plan and navigate your way through, give our office a call on 0268832200 to book an initial meeting.

Source: Challenger